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NEW YORK, June 8: Cotton futures settled higher on Thursday on a steady barrage of speculative buying as the trade anticipated a government crop report Friday that could confirm the bullish outlook for the market, brokers said.
The New York Board of Trade’s July cotton contract went up 0.70 cent to conclude at 52.82 cents per lb, dealing between 51.90 and 53.15 cents.
New-crop December rose 0.54 to 58.13 cents, in a band from 57.30 to 58.35 cents.
It was the best close for the contract since trading above 58 cents in mid-April. Distant months gained from 0.05 to 0.54 cent.—Reuters
